THE traditional areas where business sectors have operated for decades are changing as companies hunt for affordable and convenient office space, according to new research published today.
While the City has always been the hub for banks and insurance it is also becoming a magnet for IT firms and the changing makeup of the area is reflected across other zones in the capital.
The new map of business London shows a variety of such changes as firms migrate to new areas.
The map, drawn up by DeVono Property, reveals a new “business belt” sweeping around King’s Cross and Paddington, where hundreds of offices have been built in recent years.
The areas have benefited from strong transport links while space is not as squeezed as it is in areas like the Square Mile.
Recent tenants to move to this area include Gazprom and Ricoh, who are based in the relatively new Regent's Place complex.
Meanwhile in the financial sector the research highlights the number of hedge funds which now operate from Mayfair, while property companies also prefer to ply their trade from the glamorous location.
DeVono co-director Adam Landau said that London Bridge was shooting up the rankings as a desirable location for financial services.
“It is an important extension of the City south of the river with leading legal practitioners, consultants and accountancy firms such as PwC and Ernst & Young having their headquarters there. It is seeing a massive upgrade with developments such as the Shard, which will be the tallest building in Western Europe. “
The map showed that more fashion companies were moving into Clerkenwell, while new media companies were heading towards Victoria away from their traditional heartland in Shoreditch. According to the map fewer government workers are based in Victoria than before.
Meanwhile Holborn is still an area that attracts lawyers and accountants, although more recruitment firms are heading there.